{"id":92290,"date":"2024-06-24T11:46:40","date_gmt":"2024-06-24T08:46:40","guid":{"rendered":"https:\/\/pozirk.online\/en\/longreads\/92290\/"},"modified":"2024-06-24T11:46:42","modified_gmt":"2024-06-24T08:46:42","slug":"minsks-selective-approach-to-creditors","status":"publish","type":"longreads","link":"https:\/\/pozirk.online\/en\/longreads\/92290\/","title":{"rendered":"Minsk\u2019s selective approach to creditors"},"content":{"rendered":"\n<p><strong>Belarus\u2019 central bank has reported a decrease in the country\u2019s foreign debt. But the reality is not so simple.<br><br><\/strong><\/p>\n\n\n\n<figure class=\"block-image block-image-normal\">\n\n    <img decoding=\"async\" width=\"1128\" height=\"752\" src=\"https:\/\/pozirk.online\/wp-content\/uploads\/2024\/05\/finance_1128_freepik-com.jpg\" class=\"attachment-full size-full\" alt=\"\" srcset=\"https:\/\/pozirk.online\/wp-content\/uploads\/2024\/05\/finance_1128_freepik-com.jpg 1128w, https:\/\/pozirk.online\/wp-content\/uploads\/2024\/05\/finance_1128_freepik-com-354x236.jpg 354w, https:\/\/pozirk.online\/wp-content\/uploads\/2024\/05\/finance_1128_freepik-com-734x490.jpg 734w, https:\/\/pozirk.online\/wp-content\/uploads\/2024\/05\/finance_1128_freepik-com-178x118.jpg 178w, https:\/\/pozirk.online\/wp-content\/uploads\/2024\/05\/finance_1128_freepik-com-768x512.jpg 768w\" sizes=\"(max-width: 1128px) 100vw, 1128px\" \/>\n    <figcaption>\n        \n                    <div class=\"block-image__author\">\n                                <span>(freepik.com)<\/span>\n            <\/div>\n            <\/figcaption>\n<\/figure>\n\n\n\n<p>Foreign debt decreased by 3.4 percent to $36.4 billion on April 1, said the National Bank of Belarus. The government debt fell by $573 million and banks\u2019 debts by $914 million.<\/p>\n\n\n\n<p>Corporate debt and direct investment increased slightly, by $188 million and $4.5 million, respectively.<br><br><strong>Belarus\u2019 gross debt, US$ million<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-wp-embed is-provider-flourish wp-block-embed-flourish\"><div class=\"wp-block-embed__wrapper\">\n<iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" title=\"Interactive or visual content\" src=\"https:\/\/flo.uri.sh\/visualisation\/18397727\/embed#?secret=Wphsx8kZdZ\" data-secret=\"Wphsx8kZdZ\" frameborder=\"0\" scrolling=\"no\" height=\"575\" width=\"500\"><\/iframe>\n<\/div><figcaption class=\"wp-element-caption\">Source: National Bank of Belarus<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Minsk treats creditors selectively<\/strong><\/h2>\n\n\n\n<p>Minsk has recently been very selective in its dealings with creditors. It pays duly its debts to China, but prefers to negotiate deferrals with Russia.<br><br>Some debts are not recognized by the government at all. This approach mainly applies to individuals and organizations from the so-called &#8220;unfriendly countries.&#8221; However, even creditors from friendly Russia sometimes struggle to enforce repayment, threatening lawsuits and the suspension of trade in Belarusian securities in Russia.<br><br>The selective approach distorts the official debt statistics. It is hard to understand which debts are recognized as debts and which are not. And even if a debt is recognized, it does not mean that it is easy to collect.<br><br>A debt may be denominated be in foreign currency, but the funds may remain at a local bank account in Belarusian rubels until the creditor claims it and until the government recognizes the creditor.<br><br>A foreign debt reduction is not always indicative of economic health. Most economies rely on debt financing. A decrease may simply indicate that foreign creditors are suspicious of Belarus.<br><br>A decrease in investment undermines the Belarusian economy. The government has always lacked a vision of the future and relied on Soviet-style economic management. Its methods are outdated.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>China<\/strong><\/h2>\n\n\n\n<p>Belarus\u2019 debt to China is much smaller than that of Pakistan or Angola, but $3-4 billion is a lot for the Belarusian economy.<br><br>Minsk is acting as an extremely diligent borrower as far as China is concerned. A significant part of the debt accrued from investment in dubious projects, but the government makes sure borrowers pay their debts on schedule, bailing out those who cannot.<\/p>\n\n\n\n<p><br>China is reluctant to expand lending despite Belarus&#8217; responsible behavior with regard to its debts.<br><br>Beijing saw Belarus as a gateway to Europe, but the country\u2019s relationship with the European Union has been smashed into pieces.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>New leaders might have to repay \u0141uka\u0161enka&#8217;s debts<\/strong><\/h2>\n\n\n\n<p>Minsk has renegotiated its debts to Moscow. But sooner or later debts will have to be repaid, which could be a challenge for a new government. After all, debt recognition will be crucial for a new government\u2019s international recognition.<br><br>In the 20th century, some Western countries did not recognize the Bolshevik government for a long time, mainly because it defaulted on Russia\u2019s debts.<\/p>\n\n\n\n<p>Boris Yeltsin&#8217;s Russia earned international recognition because it assumed the Soviet government\u2019s liabilities. A new government in Belarus may face a dilemma over Alaksandar \u0141uka\u0161enka\u2019s debts.<\/p>\n\n\n\n<div class=\"insert-block\">\n\n    <div class=\"insert-block__img\">\n        <img decoding=\"async\" width=\"354\" height=\"236\" src=\"https:\/\/pozirk.online\/wp-content\/uploads\/2024\/03\/world-trade_1128_pixabay-com-354x236.jpg\" class=\"attachment-medium size-medium\" alt=\"\" srcset=\"https:\/\/pozirk.online\/wp-content\/uploads\/2024\/03\/world-trade_1128_pixabay-com-354x236.jpg 354w, https:\/\/pozirk.online\/wp-content\/uploads\/2024\/03\/world-trade_1128_pixabay-com-734x490.jpg 734w, https:\/\/pozirk.online\/wp-content\/uploads\/2024\/03\/world-trade_1128_pixabay-com-178x118.jpg 178w, https:\/\/pozirk.online\/wp-content\/uploads\/2024\/03\/world-trade_1128_pixabay-com-768x512.jpg 768w, https:\/\/pozirk.online\/wp-content\/uploads\/2024\/03\/world-trade_1128_pixabay-com.jpg 1128w\" sizes=\"(max-width: 354px) 100vw, 354px\" \/>                        <label class=\"insert-block__tag--mobile\"> \u0410\u043d\u0430\u043b\u0438\u0442\u0438\u043a\u0430<\/label>\n\n                <\/div>\n    <div class=\"insert-block__text\">\n                    <label class=\"insert-block__tag\">\u0410\u043d\u0430\u043b\u0438\u0442\u0438\u043a\u0430<\/label>\n                <h3 class=\"insert-block__title\">Trade deficit seen as alarming sign<\/h3>\n        <div class=\"insert-block__descr\">The Belarusian economy is booming, but exports have slowed down despite the government&#039;s all-out effort. Exports of services balance trade For many years, exports of IT and transportation services exceeded imports, helping Belarus balance trade or achieve a surplus.In January-April, &#8230;<\/div>\n        <a class=\"insert-block__btn-block\" href=\"\/en\/longreads\/91922\">\n            <button class=\"btn\">\n                <div class='btn__text'>Read<\/div>\n            <\/button>\n        <\/a>\n    <\/div>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\"><br><\/h2>\n\n\n\n<p><br><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Belarus\u2019 central bank has reported a decrease in the country\u2019s foreign debt. But the reality is not so simple. Foreign debt decreased by 3.4 percent to $36.4 billion on April 1, said the National Bank of Belarus. The government debt fell by $573 million and banks\u2019 debts by $914 million. Corporate debt and direct investment [&hellip;]<\/p>\n","protected":false},"author":46,"featured_media":83317,"template":"","rubric":[22],"class_list":["post-92290","longreads","type-longreads","status-publish","has-post-thumbnail","hentry","rubric-theviewer"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Minsk\u2019s selective approach to creditors | Pozirk<\/title>\n<meta name=\"description\" content=\"Belarus\u2019 central bank has reported a decrease in the country\u2019s foreign debt. But the reality is not so simple. 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